Mexico's National Institute of Statistics and Geography (Inegi) reported annual inflation at 4.63% for the first half of March 2026, exceeding analysts' estimates. The National Consumer Price Index (INPC) rose 0.62% from the previous half-month period.
Inegi released INPC data for the first half of March 2026, showing a 0.62% half-monthly increase, lifting annual inflation to 4.63% from 4.13% at February's end. The figure beat the Bloomberg median analyst estimate of 4.37%. The non-underlying component, more volatile, rose 1.96%, driven by fruits and vegetables up 8.34% and energy at 0.48%. Underlying inflation grew 0.22% half-monthly to 4.46% annually, down from 4.48%, with goods up 0.20% and services 0.25%. Products exerting upward pressure included jitomate, pollo, green tomato, potato, squash, lime, electricity, eateries, air transport, and own-account housing. Prices fell for eggs, pork, nopales, other fruits, beef, internet packages, telephony, paid TV, internet service, men's shirts, and deodorants. The Mexican peso depreciated 0.09% to 17.7957 per dollar per Banco de México, with bank teller rates at 18.20 pesos per dollar via Banamex. Janneth Quiroz of Monex noted an upward bias from local data and geopolitical tensions. Banxico faces its March 26 rate meeting, split forecasts: 15 of 29 analysts expect holding at 7%, 14 a cut to 6.75%.
